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Bank of Queensland (BoQ) board of directors has appointed current director, Roger Davis, as chairman, following the retirement of incumbent Neil Summerson.

Summerson announced at the AGM in December, 2012 that he intended to step aside in 2013. He will remain on the Board until July 30.

“Last year, I said I would retire when the bank was delivering on its new strategy. I am confident we have reached that point and the time is right for new board leadership,” says Summerson.

“I am proud to have been part of the BOQ growth story over the last 16 years. In that time, BOQ has grown its asset base from $2 billion to just over $40 billion, increased its market capitalisation tenfold to $3 billion and significantly expanded its operations, diversifying geographically as well as through its product offerings.”

“Like many banks,” says Summerson, “BOQ has had its challenges, particularly since the GFC, but in recent years a new, more diverse management team has been put in place, the bank’s balance sheet has been successfully restructured, and we are making progress in reviewing and renewing our systems and processes.”

“I would like to congratulate Roger on his appointment and, based on his contribution to the board to date, I know he will do an outstanding job.”

Davis, who was appointed to the board in August, 2008, says he looks forward to working with managing director, Stuart Grimshaw and his executive team to help shape BOQ’s future direction.

“The board and management team has worked hard to ensure BOQ is in a position to grow within a highly competitive Australian banking environment,” he says.

“The results of those efforts are now beginning to emerge and I look forward to working with my board colleagues, Stuart and his executive team to ensure BOQ continues to offer a genuine and independent alternative to the major banks.”